Don’t be deceived by what you see.
Yesterday while reading the Pioneer Press article about William Jayson and writing my blog about him, this thought came up again and again.
I also kept thinking about a book I read several years ago titled The Millionaire Next Door by Thomas J. Stanley and William D. Danko.
According to the book, many people who earn high incomes and live a lavish lifestyle may not be as rich as you think. They spend money as fast as they earn it.
On the other hand, ordinary people living in your neighborhood, even someone living simply like William Jayson can be a millionaire.
You don’t have to earn a lot to become rich and accumulate wealth, but you need to develop frugal habits.
The authors stated seven common denominators among those who successfully build wealth.
Those characteristics are:
1. They live well below their means. In general, millionaires are frugal. They don’t care so much about their image.
2. They allocate their time, energy, and money efficiently, in ways conducive to building wealth. Millionaires budget and invest. They begin earning and investing early in life. They don’t spend time and money on luxury items such as cars and clothes that look good.
3. They believe that financial independence is more important than displaying high social status.
4. Their parents did not provide economic outpatient care. Most millionaires were not financially supported by their parents. They accumulate wealth on their own.
5. Their adult children are economically self-sufficient.
6. They are proficient in targeting market opportunities.
7. They chose the right occupation. Self-employed people are four times more likely to be millionaires than those who work for others.
More than half of the characteristics fit millionaire William Jayson.
One of the lessons here is don’t be deceived by what you see and don’t judge the book by its cover. Someone who looks rich may not be rich, but someone who looks poor might be very rich.